Can You Pay Rent With A Credit Card?

Can You Pay Rent With A Credit Card? [2021]

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Can You Pay Rent With A Credit Card?

If you are finding yourself strapped for cash these days, you are not alone. Nearly three in ten Americans have reported losing income due to the coronavirus. When money is tight, many of us rely on credit cards to bridge the gap between meeting their financial obligations with reduced cash flow and finding a new job.

How To Pay Rent With A Credit Card

How To Pay Rent With A Credit Card

One of the biggest monthly expenses most people have to contend with is rent. While it is often easy to cover groceries, utilities, and other bills with a credit card, rent may be a little trickier. Can you pay rent with a credit card? The answer is a qualified yes in most cases. Let’s take a look at some of the ways you can put your credit card to work paying for your apartment rent. 

Just Ask Your Landlord 

So, how can you pay rent with a credit card? Before you look at any workarounds or third-party services to pay with your card, you should ask your landlord if credit cards are an acceptable form of payment. Landlords often aren’t equipped to accept credit cards; additionally, since most credit card companies charge a processing fee for credit card transactions, landlords and property management companies lose money on these types of transactions. However, it is still worth asking whether or not it is feasible to pay your rent with a credit card. In some cases, landlords and property management companies may make exceptions to policies and accept credit cards if it means receiving the rent for that month. 

Cash Advances

If your landlord doesn’t accept credit card payments, another way to pay your rent with a credit card is by using cash advances. You can use an ATM or go to a bank to take a cash advance against your credit card (or cards) in the amount of your apartment rent. Then, you can either deposit this money in your checking account or take out a money order to pay your rent. In some cases, your landlord may even be willing to accept a direct cash payment, saving you time and a little bit of money, too. 

Third-Party Apps

How do you pay rent with a credit card using third-party apps?

In recognition of how much we all use our credit cards to pay for things, companies have developed financial apps that enable us to use credit cards to pay for almost anything, including bills that normally don’t accept credit cards. In most cases, people use their accounts with these apps to pay a bill, and the app company pays the bill with a form of payment that the entity in question accepts; the app then charges the user a processing fee.

Plastiq is one of the most common and widely used billpaying apps out there that lets people put their credit cards to use to pay the rent and other bills that traditionally don’t accept credit card payments. This financial app can be used to pay your rent and other bills with your credit card; it then charges a 2.5 percent processing fee for each transaction. 

There are other financial apps designed specifically to enable tenants to pay their rent with a credit card. For example, RadPad will mail checks to your landlord or property management company, and charge your credit card for the rent and a 2.99 percent processing fee (debit cards can also be used for just $4.95). Other apps, such as RentPayment, also allow you to pay your rent via a credit card for a 2.95 percent processing fee. However, with RentPayment and other similar apps, your landlord has to consent to using the service. 

RELATED: The Best Credit Cards For Balance Transfers.

When Does Paying Rent with a Credit Card Make Sense?

There are clear drawbacks to paying your rent with a credit card. Doing so will put you further in debt, which could exacerbate your financial problems if you’re out of work and struggling to make ends meet each month. It could also negatively affect your credit rating as well. However, as an emergency means to deal with a challenging situation, paying your rent with a credit card may be your best option. Once your full work hours are restored or you get a new job, you can start paying your rent by check once again and pay down the balance on your credit card. 

If you haven’t lost your job and consistently pay off your credit card balance each month, paying your rent by credit card may also make sense. Using a third-party billpaying app like Plastiq can be time-saving and convenient. Plastiq and other apps often have promotions that help decrease the cost of processing fees for frequent users, too. Additionally, if your card has a good rewards program, this can further offset the cost of paying your rent with a credit card as well. 

Parting Thoughts

Can you pay rent by credit card? Yes, you can, in most cases. Whether by working with your landlord to accept a card payment, taking a cash advance, or using a third-party app, you can put your credit card to work to pay your rent. However, before you do so, make sure you weigh all your options, and make the best possible choice for your personal financial situation.

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